This bill related to ITR has come in the Parliament of Pakistan at a time when the government is struggling to increase revenue collection as per the deal made in September this year to get a loan package of 7 billion US dollars from the IMF.
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Pakistan PM Shahbaz Sharif
aajtak.in
- Islamabad,
- 19 December 2024,
- (Updated 19 December 2024, 10:58 AM IST)
The government of Pakistan introduced a bill in Parliament on Wednesday, in which people who do not file tax returns are banned from opening bank accounts and buying cars of more than 800cc. Finance Minister Muhammad Aurangzeb introduced the Tax Laws (Amendment) Bill, 2024 as part of the government’s measures against tax evaders.
It has been proposed in the amendment that non-filers will be banned from purchasing shares more than a certain limit and opening bank accounts. They will not be able to do transactions through the bank beyond a certain limit. The bill states that bank accounts of unregistered businessmen with the Federal Board of Revenue (FBR) will be frozen and they will be banned from transferring property.
What is said in the new bill?
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FBR will also be able to freeze bank accounts and ban property transfers if they are not registered with the top collection body for filing sales tax returns. However, their accounts will be opened two days after registration.
The bill states that the restrictions will come into effect after the approval of the federal government. This bill has come at a time when the government is struggling to increase revenue collection as per the deal signed in September this year to get a loan package of US $ 7 billion from the IMF.
Also read: Pakistan Crisis: What will happen if Pakistan bows to the conditions of IMF?
Pakistan has set a target of Rs 12.913 trillion for the financial year 2024-25, which is 40 percent more than the tax collected in the last financial year. FBR was down by Rs 96 billion in the first quarter of the year (July-September) as it collected Rs 2,556 billion as against Rs 2,652 billion.
